Walton Ontario Land L.P. 1 (the "Partnership") and its general partner, Walton Ontario Land 1 Corporation (the "General Partner"), are pleased to announce that the Partnership has satisfied and waived all of its conditions for the sale of the Alliston Property (the "Sale Transaction").
Under the terms of the Sale Transaction, the Partnership will sell its 154.93-acre Alliston Property for an aggregate consideration of $24,045,000, being a price of approximately $155,199 per acre. The Partnership acquired the Alliston Property in June 2010 for an aggregate consideration of approximately $12,157,000 (including acquisition costs and fees), which equates to a price of $78,468 per acre. The additional costs in respect of agent's fees, offering costs and expense reserves, allocable to the Alliston Property, aggregate to an additional cost of approximately $3,912,000, which equates to a total cost of $16,069,000 or $103,718 per acre.
The Sale Transaction remains subject to the satisfaction of purchaser's due diligence and other purchaser's conditions, and accordingly there can be no guarantee the transaction will close. Assuming all conditions of the Sale Transaction are met or waived, it is anticipated that closing of the transaction will occur on or before October 12, 2012. A further news release will be issued upon closing of the Sale Transaction providing details of a distribution to the unit holders, based on estimates of performance fees, transaction costs, and future costs and available cash of the partnership; and assuming approval of the board of directors of the General Partner.
Launched in January 2010, the Partnership's objective is to maximize returns to limited partners through the acquisition, management, concept planning, and eventual sale of two properties in Ontario—the Alliston Property, which consists of two parcels totaling 154.93 acres (approximately 45% of the net proceeds) near the Toronto area in Alliston, Ontario, and the Ottawa Property, which consists of 300 acres (approximately 55% of the net proceeds) in the southwest quadrant of the City of Ottawa.
If the Sale Transaction for the Alliston Property closes, the Partnership continues to own and manage the Ottawa Property and will work to maximize the returns to the limited partners in respect of that asset.
The Partnership is managed by Walton International Group Inc., part of the Walton Group.
About Walton: In business for more than 30 years, the Walton Group currently manages over CAD $3.1 billion of pre-development and development real estate assets, including more than 66,000 acres of land in Alberta, Ontario, Arizona, Texas, Georgia, Virginia, the Washington D.C. area, and Charlotte, North Carolina on behalf of investors around the world, including primarily North America, Europe and Asia, and for the Walton Group. Headquartered in Calgary, the Walton Group also has offices in Toronto, Hong Kong, Singapore, Kuala Lumpur (Malaysia), Scottsdale (Arizona, USA) and Hamburg (Germany).
For more information about the Walton Ontario Land L.P. 1, please visit www.sedar.com. For more information about Walton, please visit www.Walton.com.
This news release is required by Canadian laws and is not for distribution or dissemination outside Canada. This news release contains forward-looking information, and actual future results may differ from what is disclosed in this news release.
Contacts:
Walton Ontario Land L.P. 1
Blair Nixon, 1-403-750-3330
BNixon@Walton.com